Brent crude is trading over $100 per barrel, WTI has topped $90, but oil drillers in the world’s largest producer are cautious about their future plans. In fact, they are rather unhappy with the war in the Middle East, because it has made it harder to plan investments. On the face of it, everything is perfect, price-wise. WTI is trading much higher than what shale drillers need to be profitable. According to the latest Dallas Fed Energy Survey, the range of WTI profitable drilling price levels for the oil patch is between $62 per barrel for…

The worst oil and gas supply shock in history has exposed the vulnerability of dependence on fossil fuel imports and is making renewables popular again. As governments scramble to contain the fallout from the energy shock, both in supply and prices, increased electrification in transportation and power generation is once again the talk of the town. As the war in the Middle East laid bare the shock of losing oil and gas supply, policymakers and analysts are once again considering the benefits of fossil fuel importers boosting the share of renewable…

In the face of ongoing conflict in the Middle East and the resulting energy shortages, the International Energy Agency (IEA) is recommending that consumers reduce their energy consumption. This is expected to help people tackle their rising energy bills. Meanwhile, several governments are putting energy restrictions in place to mitigate the risk of shortages, with greater uncertainty around how long the conflict might last. The U.S.-Israeli attack on Iran and the ongoing conflict in the Middle East have caused the biggest oil disruption in history,…

United States President Donald Trump will not stop in his efforts to quash offshore wind energy development, as he offers France’s TotalEnergies almost $1 billion to permanently halt its wind projects. The move follows more than a year of Trump badmouthing wind energy, cutting federal financial support for wind projects, and refocusing energy policy on fossil fuels. Wind contributes around 10 percent of U.S. energy at present, with wind capacity having grown rapidly following the introduction of the Inflation Reduction Act (IRA) and other…

Europe has “sleepwalked into yet another energy crisis” watching energy prices spike across the continent for the second time in four years due to instability in global politics and energy trade. Four years after the Russian invasion of Ukraine sent global energy markets reeling, Europe has made significant progress weaning itself off of Russian oil and gas imports and building up its own energy supply chains. But the European Union still relies on imports for more than half of its energy needs, leaving it achingly vulnerable to the…

Argentina no longer faces a $16.1 billion court-ordered payment tied to the 2012 nationalization of state-owned oil company YPF. A U.S. appeals court overturned the 2023 judgment that had awarded damages to minority shareholders, Barrons said on Friday. The United States Court of Appeals for the Second Circuit ruled 2–1 that the claims were not recognizable under Argentine law. That removes a potential liability estimated at up to $18 billion, including interest. The case stems from Argentina’s 2012 seizure of a 51% stake in oil company…